The two new investors will now own just less than 10% of the
company. SpaceX had previously raised $245.5 million in funding,
according to CrunchBase, meaning this new round is more than
four times bigger than all its other rounds combined. The company
is now valued at more than $10 billion, according to The
Journal.

Although the company's announcement is brief, earlier reports
indicated that Google was particularly interested in a SpaceX
investment because of Musk's
recently announced ambitions to use satellites to beam
low-cost internet around the world.

Musk told BusinessWeek he wants to create a global communications
system that would be
"larger than anything that has been talked about to date," taking
at least five years and $10 billion to build.

Google has long had similar ambitions itself. By spreading
internet around the world, including to remote regions, it can
boost the number of people who have access to its services. In
the last several years, it has invested in balloons, drones, and
satellites to experiment with different ways to provide internet
to rural areas.

Here's SpaceX's full
announcement:

Space Exploration Technologies (SpaceX) has raised a billion
dollars in a financing round with two new investors, Google and
Fidelity. They join existing investors Founders Fund, Draper
Fisher Jurvetson, Valor Equity Partners and Capricorn. Google and
Fidelity will collectively own just under 10% of the company.

SpaceX designs, manufactures, and launches the world's most
advanced rockets and spacecraft. This funding will be used to
support continued innovation in the areas of space transport,
reusability, and satellite manufacturing.